Never miss a great news story!
Get instant notifications from Economic Times
AllowNot now

You can switch off notifications anytime using browser settings.
Stock Analysis, IPO, Mutual Funds, Bonds & More

BHEL surges 28% on reports of divestment

An inter-ministerial group is expected to meet soon to discuss the stake sale.|
Updated: Oct 18, 2019, 03.41 PM IST
The company has bagged the order from Nabinagar Power Generating Company Ltd (NPGCL).
Shares of Bharat Heavy Electricals (BHEL) surged in trade on Friday after a media report said that the government was looking to sell its stake in the company.

Government may consider bringing down its stake in BHEL and National Mineral Development Corporation (NMDC), CNBC Awaaz reported citing sources. Government plans to bring its stake in BHEL to 26 per cent from 63.17 per cent now, the report claimed.

An inter-ministerial group is expected to meet soon to discuss the stake sale.

Government had been on a selling spree recently. It sold nearly 13 per cent stake in IRCTC via an IPO process.

It further plans to sell stakes in PSUs like BPCL, BEML, Concor, Shipping Corporation of India, THDC India and Neepco. A group of secretaries approved the plan last month. If realised, this will cover 60 per cent of the disinvestment target for the fiscal.

Government has a divestment target of Rs 1.05 lakh crore for the current financial year. In both FY18 and FY19, the divestment proceeds exceeded the target of Rs 1 lakh crore and Rs 80,000 crore, respectively.

The shares of the company closed 22.22 per cent higher at Rs 54.45 on BSE.

Also Read

Shipping ministry not opposed to SCI strategic divestment: Secretary

CLSA upgrades BHEL stock on divestment expectations

Air India faces mass resignation ahead of divestment

Pace of divestment to set BPCL’s course on bourses

Add Your Comments
Commenting feature is disabled in your country/region.
Download The Economic Times Business News App for the Latest News in Business, Sensex, Stock Market Updates & More.

Other useful Links

Follow us on

Download et app

Copyright © 2019 Bennett, Coleman & Co. Ltd. All rights reserved. For reprint rights: Times Syndication Service